The 3-Bar Bearish Reversal Pattern
1 The middle candle is at the highest point
2 The two candles on each side have lower highs
3 The third candle closes below the low of the first candle
4 The entry is triggered at the open of the 4th candlestick or bar.
FIND YOUR OWN TP & SL
I think it was last week when I shared my view of the NAS100 here on tradingview & since then a few things have changed. Although we did not get the potential advanced pattern formation that could have been used as an entry into the bigger breakout, we did eventually breakout & now a pullback which gives us another opportunity to get long.
After a level of...
Point C has touched Point A, so when that happens it is a retest of resistance and to some traders, it may be seen as a double-top setup, personally for me it is not a double-top setup. However, when the market hit point D, I will still be open to the idea to engage for a long trade, only when there is a reversal like 3-bar reversal at Point D.
We've just created a pretty nice candlestick reversal pattern here on the EURUSD called a 3 Bar Reversal (or at least that's what we call it over at Tier One). Anyway, what's nice about this pattern in particular is the length of the wick that each candle made towards the upside before ultimately being rejected and closing lower. In a perfect world I;d olive to...
The market has failed many times in breaking and closing above the previous high since 20April20. Granted that there is a break above but there isn't a close above of the candle, and having more and more of such it shows that market do not have the strength to close on the high price.
On market open, I'm waiting for a break and close below the candle with yellow...